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Hormel Foods Corporation (NYSE: HRL), headquartered in Austin, Minnesota, is a globally recognized Fortune 500 company, noted for its extensive portfolio of consumer-branded food and meat products. Renowned for quality, taste, and nutrition, Hormel Foods has built a strong reputation among consumers, retail grocers, foodservice, and industrial customers. The company’s diverse product range includes hams, bacon, sausages, franks, canned luncheon meats, stews, chilis, hash, meat spreads, shelf-stable microwaveable entrees, and salsas.
Historically meat-focused, Hormel Foods has broadened its offerings to include various protein sources, becoming a comprehensive branded food company. Its major brands like Hormel, Spam, Jennie-O, Columbus, Applegate, Planters, and Skippy hold dominant market positions in their respective categories. In fiscal 2023, U.S. retail accounted for 64% of sales, U.S. food service for 30%, and international sales for 6%, with 70% of sales from perishable food and 30% from shelf-stable products.
Recently, Hormel Foods has demonstrated strong performance across its business segments, particularly in the first quarter of fiscal 2024. The company’s strategic initiatives in transformation and modernization have shown promising results. Highlights include broad-based volume growth, robust demand for foodservice products, and significant progress in their Planters® snack nuts business. CEO Jim Snee emphasized the team's focused execution of strategic priorities and improvements in the supply chain, which have positively impacted the company’s growth trajectory and shareholder returns.
The company's ongoing projects include the redesign of the HORMEL® NATURAL CHOICE® product packaging, reducing packaging material by 337,000 pounds annually, and introducing HORMEL® Ribbon Pepperoni, aimed at improving pizza preparation efficiency for foodservice operators. Additionally, Hormel Foods continues to support young innovators through its 10 Under 20 Food Heroes program, recognizing and mentoring youth driving positive change in the food system.
Hormel Foods Corporation reported strong financial results for the second quarter of fiscal 2024, with continued growth in the Foodservice and International segments, improvements in the supply chain, and stable volumes across its business. The company remains focused on strategic initiatives to drive long-term growth and shareholder returns, reaffirming its commitment to excellence in quality, sustainability, and community impact.
For more information, visit www.hormelfoods.com.
Hormel Foods Corporation (NYSE: HRL) has announced a donation of 100,000 meals to hunger organizations while hosting its eighth virtual Concert of Hope & Thanks on June 8, 2021. This initiative builds upon the more than $1 million donated and millions of meals provided since the pandemic began. The concert features artists such as David Shaw and Judith Hill and aims to support community needs through organizations like Conscious Alliance. Hormel has pledged over $50 million to hunger-relief in the last five years and continues to engage its team of 20,000 globally.
Hormel Foods Corporation has finalized its acquisition of the Planters® snacking portfolio from Kraft Heinz, marking its largest purchase to date. This deal includes popular brands such as NUT-rition®, Cheez Balls, and Corn Nuts®, along with three production facilities. The acquisition is part of Hormel's strategy to expand its snacking offerings and enhance its brand portfolio, which also features SKIPPY® and SPAM®. Hormel's leadership anticipates significant growth potential for the Planters® brand fueled by its marketing and sales capabilities.
Sadler's Smokehouse has launched a new line of ready-to-eat pit-smoked barbeque products, including beef brisket, pulled pork, pulled chicken, and St. Louis ribs, available at select retailers this summer. The products are prepared using premium butcher-quality cuts, Texas hardwoods, and 65 years of barbeque tradition. Retail prices range from $9.99 for pulled pork to $15.99 per pound for beef brisket. The initiative aims to provide authentic Texas barbeque flavors without the hassle, enhancing convenience for BBQ enthusiasts.
Hormel Foods Corporation (NYSE: HRL) has declared a quarterly dividend of 24.50 cents per share, set for payment on August 16, 2021. Stockholders of record by July 12, 2021 will receive this payment, marking the 372nd consecutive quarterly dividend since 1928. Hormel Foods, a global leader in branded food with annual revenues exceeding $9 billion, continues to honor its commitment to returning value to shareholders through its uninterrupted dividend history.
Hormel Foods Corporation (NYSE: HRL) reported a strong second quarter for fiscal 2021, achieving record net sales of $2.6 billion, a rise of 8% year-over-year. Despite a 3% decrease in volume to 1.2 billion lbs, pretax earnings increased by 2% to $293 million, while diluted earnings per share remained flat at $0.42. The company also raised its full-year sales guidance to between $10.20-10.80 billion, reaffirming its EPS guidance of $1.70-$1.82. However, operating margin fell to 11.1% from 12.1%.
Hormel and The Doughnut Project celebrate National Pizza Party Day with the introduction of the Cheese the Day doughnut, available from May 21-23, 2021 in NYC. The doughnut features a base of unglazed dough topped with marinara sauce, mozzarella, and Hormel® Pepperoni Cup N' Crisp, crafted to curl while cooking, creating a savory treat unlike traditional offerings. This unique collaboration emphasizes Hormel's innovation in food trends, appealing to pizza lovers and foodies alike.
Jennie-O Turkey Store has launched a new product, Jennie-O® turkey burger blends, which combine white meat turkey with black beans, whole grain rice, and pepitas. Each burger provides 15g of lean meat-based protein and 5g of fiber. Priced between $6.99 and $7.99 for four quarter-pound patties, these products will initially be available in select markets with broader distribution expected by year-end. This development aligns with consumer trends towards plant-focused diets.
COLUMBUS® Craft Meats, a subsidiary of Hormel Foods, has launched its new Pepperoni Paninos, featuring premium dry-cured pepperoni rolled with mozzarella cheese. Retailing at approximately $5.99 for a six-pack, this product caters to the increasing consumer demand for grab-and-go snacks and charcuterie experiences. The launch expands Columbus's panino offerings, which include other varieties like Prosciutto and Genoa Salame Paninos. The products are available nationwide, enhancing Columbus's presence in the deli market.
Hormel Foods Corporation (NYSE: HRL) has scheduled a conference call on May 20, 2021, at 8:00 a.m. CT to discuss its second quarter financial results. The earnings press release will be issued before the markets open on the same day. Investors can access the call via phone or a live webcast on the company's website. Hormel Foods, a global food company with over $9 billion in annual revenue, features brands like SKIPPY® and SPAM®, and is a member of the S&P 500 Index.
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